News Summary: US growth higher on more exports
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Source: Business News
Originally published: Feb 8, 2013 - 3:34 pm
Originally published: Feb 8, 2013 - 3:34 pm
(AP) - TRADE GAP SHRINKS: The U.S. trade deficit narrowed 21 percent in December from November to $38.6 billion because energy exports rose and oil imports plummeted. It was the lowest trade gap in nearly three years.
ENERGY SHRINKS DEFICIT: Total exports rose 2.1 percent to $186 billion, driven in part by record exports of gasoline, diesel and other fuels. Imports declined 2.7 percent to $225 billion. Oil imports plunged to 223 million barrels- the fewest in 15 years.
SIGN OF GROWTH: The smaller deficit suggests the economy grew in the October-December quarter instead of shrinking as the government estimated last week.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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